That just means they have different individual tax rate. Franked...

That just means they have different individual tax rate.

Franked or unfranked still makes now difference for shares with same gross yield.

for example.
Two shares have a gross yield of 10%.
One is fully franked. ( 30% franking rate )
One not.
You have $1000 worth of shares.
The gross yield comes to $100.

Franked share = Pays you $70 and there is UP to $30 franking credit you could claim at the end of the tax period provided you qualify ( holding rule etc ).

Unfranked share = Pays you $100. Not issues done. At the end of the tax period you pay tax at you EFFECTIVE tax rate.

Even if you are in the 37% marginal tax bracket, the real rate at which you pay tax is lower, which is your EFFECTIVE tax rate. For example you earn $100, 000.00. We ignore other taxes like Medicare etc for sake of keeping thing simple. This means you are in the 37% Marginal rate bracket. But the real effective rate is near as make no difference 24.6 %.

Given the franked and unfranked example above.
At the end of the tax period.

Franked share = You claim back $5.4 from the ATO.
Unfranked share = You pay the ATO $24.6.

You end up with $75.60 in your pocket...
No difference.

If you are a pensioner. Or low income earner.
Then ALL that is changing is you tax rate and therefore you can claim back more or pay less at tax period end. The effective money that ends up in your pocket is not different.

Go....